Admirals Group AS 2022 Unaudited 6 Months Financial ResultsAdmirals' results are exceptional Compared to the same period last year, Admirals has significantly increased its net trading income, trading volumes and net profit in the first half of the year, continuinglarge-scale investments in IT and innovation. The company acquired new licenses in South Africa and Canada. These are eloquent success stories of implementing a strong strategy with a long-term goal of ensuring financial freedom for 10 millionpeople by 2030. - Admirals Group AS net income increased by 149 % (43 million euros versus 17.3 million euros in the same period of 2021)
- Net profit 24.01 million euros (-1.7 million euros in the same period of 2021)
"Despite the great uncertainty in the world economy and political situation, we continued to implement our long-term goals, continuing to unite personal finance and investing for our client. Our first half-year results are exceptional, trading volumes are strong and stable," said the CEO of Admirals Group AS Sergei Bogatenkov. According to Bogatenkov, Admirals is steadily growing its customer base and introducing a variety of products focused on its strengths by increasing trading and investment opportunities through the app, accelarating people along the path towards financial freedom. "At the same time, we continue to be a reliable and high-quality market leader for experienced participants in the sector. The number of people using the Admirals app continues to grow,” the CEO noted. In the past six months, the company acquired licenses in South Africa and Canada. "We are strategically increasing our presence in different regions of the world. Canada is the first step for the company's positioning in North America, and Africa, as a fast and developing financial center, is an excellent opportunity to strongly expand our customer base," described the company's CEO. According to Bogatenkov, the company's team is ready to face the new economic cycle in rapidly changing circumstances: "Admirals has proven that it belongs to the top of the FinTech world. We are the quality leader in our sector and as a global financial center we offer our clients digital tools on their way to financial freedom." Admirals has just announced the continuation of cooperation with Eesti Kontsert. The company is also the main sponsor of the Estonian football club FCI Levadia, supports the financial literacy of young people through various cooperation and projects, and stands by Ukraine and Ukrainians. "Our company stands next to organizations and initiatives that create significant value for society. Today, we are also focused on sustainability and applying green thinking both in our core business and as a global team," added the CEO.
Statement of Financial Position
| (in thousands of euros) | | 12/31/2021 | 12/31/2020 | | 6/30/2022 | | Assets | | | | | Cash | 6 | 7 | 5 | | Due from credit institutions | 54,942 | 25.373 | 36.993 | | Due from investment companies | 18,584 | 20.294 | 16.243 | | Financial assets at fair value through profit or loss | 5,106 | 9.501 | 9.799 | | Loans and receivables | 4,541 | 3.348 | 1.279 | | Inventories | 8 | 106 | 37 | | Investments into associates | 0 | 0 | 1.376 | | Other assets | 3,165 | 2.373 | 1.830 | | Tangible fixed assets | 1,977 | 2.228 | 1.999 | | Right-of-use assets | 3,349 | 3.817 | 4.752 | | Intangible fixed assets | 5,421 | 4.835 | 873 | | Total assets | 97,099 | 71.882 | 75.186 | | | | | | | Liabilities | | | | | Financial liabilities at fair value through profit or loss | 345 | 637 | 219 | | Liabilities and prepayments | 6,052 | 3.291 | 6.508 | | Deferred tax liability | 31 | 31 | 567 | | Subordinated debt securities | 4,471 | 4.559 | 1.827 | | Lease liabilities | 3,606 | 4.056 | 4.948 | | Total liabilities | 14,505 | 12.574 | 14.069 | | | | | | | Equity | | | | | Share capital | 250 | 250 | 250 | | Own shares | -105 | -105 | -114 | | Statutory reserve capital | 25 | 25 | 25 | | Currency translation reserve | 257 | 23 | -711 | | Retained earnings | 82,161 | 59.099 | 61.657 | | Total equity attributable to owners of the parent | 82,588 | 59.292 | 61.107 | | Non-controlling interest | 6 | 16 | 10 | | Total equity | 82,594 | 59.308 | 61.117 | | Total liabilities and equity | 97,099 | 71.882 | 75.186 | | | | | | | | | | | | Statement of Comprehensive Income | | | | | (in thousands of euros) | | | 2021 | | 6M 2022 | 6M 2021 | | Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers | 43,899 | 17,889 | 37.063 | | Brokerage and commission fee revenue | 1,078 | 1,228 | 2.138 | | Brokerage and commission fee expense | -1,728 | -1,538 | -2.954 | | Other trading activity related income | 267 | 80 | 196 | | Other trading activity related expense | -523 | -403 | -732 | | Net income from trading | 42,993 | 17,256 | 35.711 | | Other income similar to interest | 57 | 93 | 185 | | Interest income calculated using the effective interest method | 98 | 46 | 128 | | Interest expense | -220 | -198 | -426 | | Other income | 1,239 | 802 | 3.428 | | Other expenses | -73 | -122 | -164 | | Net losses on exchange rate changes | 346 | -229 | -301 | | Net loss at fair value through profit or loss | 0 | 0 | -357 | | Personnel expenses | -6,603 | -6,006 | -11.499 | | Operating expenses | -12,378 | -12,369 | -24.252 | | Depreciation of tangible and intangible assets | -961 | -438 | -1.062 | | Depreciation of right-of-use assets | -466 | -486 | -973 | | Profit before income tax | 24,032 | -1,651 | 418 | | Income tax | -19 | -87 | -269 | | Profit for the reporting period | 24,013 | -1,738 | 149 | | Other comprehensive income: | | | | | Items that subsequently may be reclassified to profit or loss: | | | | | Unrealized exchange rate differences | 233 | 408 | 734 | | Total other comprehensive income/(loss) for the reporting period | 233 | 408 | 734 | | Total comprehensive income for the reporting period | 24,246 | -1,330 | 883 | | Net profit attributable to the owners of the parent | 24,023 | -1,739 | 146 | | Net profit attributable to non-controlling interest | -10 | 1 | 3 | | Profit for the reporting period | 24,013 | -1,738 | 149 | | Total comprehensive income attributable to the owners of the parent | 24,256 | -1,331 | 881 | | Total comprehensive income attributable non-controlling interest | -10 | 1 | 3 | | Comprehensive income for the reporting period | 24,246 | -1,330 | 884 |
The reports of Admirals Group AS are available on the following website: https://admiralmarketsgroup.com/reports-group/ Admirals is a global FinTech and investment firm whose regulated subsidiaries offer smart solutions for multiple financial products. Since the foundation in 2001, Admirals has continuosly expanded its reach, and today it services worldwide through regulated trading companies. Investment company Admiral Markets AS, established in Estonia, is a branch of Admirals Group AS, which has the right to provide investment services under the operating license of the Estonian Financial Supervision Authority in the European Union and the European Economic Area countries. Admirals cares about the success of their partners, therefore offering numerous tried-and-tested marketing tools, state-of-the-art software, and quality assurance. Today, Admirals is located in 18 offices worldwide, making it a truly global organization. Additional information:
Kaia Gil
Communication manager of Admiral Markets AS
kaia.gil@admiralmarkets.com
+372 53 413 764
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